TSB

Who they are

TSB Bank plc is a British retail bank based in Edinburgh, Scotland. Its roots stretch back to 1810, when the original Trustee Savings Banks were established to accept savings deposits from those with moderate means. The modern TSB is a rather more recent creation: it was launched in September 2013, formed from Lloyds TSB Scotland and a number of Lloyds TSB branches in England and Wales, after a European Commission ruling on state aid required Lloyds Banking Group to sell off part of its business.

Ownership has shifted again recently. On 30 April 2026, Santander UK acquired TSB from Sabadell for £2.65 billion. That is a significant change, but for now the practical impact on savers is limited. Each bank will remain a separate legal and regulated entity until approval is granted to integrate the two banks. That means because Santander and TSB are currently maintaining separate banking licences, they retain separate FSCS protection - so if you hold significant savings across both banks, your money remains protected up to the full limit with each institution separately, at £120,000 per person, per banking licence. Worth keeping an eye on, though: full integration is expected in the first half of 2027, after which the TSB brand is set to be phased out and customers folded into Santander UK.

Savings accounts

TSB offers a wide spread of savings options. For disciplined regular savers, the Monthly Saver pays 5.00% AER and requires a minimum of just £25 a month. If you want something more flexible, the Save Well Limited Access Account and the Save Well Limited Access ISA both pay 3.00% AER variable on balances from £1 - a reasonable middle ground between instant access and a fixed-rate lock-in.

If you can commit for longer, TSB's fixed-rate bonds are worth a look. The 1 Year Fixed Bond pays 4.65% AER, while both the 2 Year and 3 Year Fixed Bonds pay 4.75% AER. The minimum deposit is just £1 on all three, but you cannot access your money until maturity. On the ISA side, there are fixed-rate Cash ISAs for 18 months at 4.60%, and 2 and 3 year terms both at 4.75% AER. An 18-month fix with no withdrawals is worth comparing against the standard 2-year bonds if you want the tax wrapper but slightly shorter commitment.

The easy-access Easy Saver and eSavings accounts both sit at 1.00% AER - but note that headline figure includes a 0.10% bonus rate for the first 12 months, with a base rate of just 0.90%. The Cash ISA Saver works similarly, paying 1.10% AER with a 0.20% bonus on a 0.90% base. Once the bonus expires, these accounts become much less competitive, so they are worth reviewing at the 12-month mark.

For families, TSB also has a Junior Cash ISA at 3.15% AER variable (locked until age 18) and a Young Saver account at 2.75% AER variable with instant access from £1.

Is it right for you?

TSB suits savers who want a recognisable high-street name, a network of 175 branches , and FSCS protection they can easily verify. The Monthly Saver rate of 5.00% is genuinely competitive for anyone who can put money away each month without dipping back into it, and the 4.75% fixed bonds represent solid value if you can lock money away for two or three years.

The main thing to watch right now is the Santander integration timeline. Once TSB is fully integrated into Santander's banking licence, customers who hold savings at both banks will have their FSCS coverage pooled. If you already bank with Santander and hold significant savings across both, it is worth thinking about that now rather than later. There are no switch offers currently available from TSB.

Rates change, and the live figures on this page are always the most up-to-date place to check before you open anything.